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CPPCC members divided on property tax

By Jessica Stewart,2014-06-23 16:04
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CPPCC members divided on property tax

    CPPCC members divided on property tax

    How to tame the rocketing housing prices is on the minds of many CPPCC;中国人民政治协商会议; members. A large number of

    proposals are concerning the real estate market.

    Soaring prices have made homes increasingly unaffordable to ordinary people and triggered;引致; widespread public

    complaints. And concerns of a real estate bubble are threatening the stability of the Chinese economy. Many CPPCC members have made proposals for reining in the market.

    Jia Kang, CPPCC member, said, "Imposing a reasonable level of taxes on real estate ownership will contain speculative

    activities as it will add to the costs of speculation. The real

    estate tax will change the market expectation of both home buyers and suppliers, and thus stabilize the housing prices. Though we do not expect the housing prices to fall amid a

    long-term urbanization process in China, I believe it can help curb the rapid price rises."

    But some CPPCC members say the timing is not right for taxing home ownership as the taxation may further dampen

    consumption.

    Mu Qiru, CPPCC member, said, "For commercial properties, such as big shopping malls, imposing real estate taxes will increase their operating costs. Such increase may, in turn, be translated to product prices. This goes against our goal to encourage domestic demand. So we should be cautious about

    the issue."

But many members share the opinion that the government

    should increase its supply of affordable housing(经济适用房) to

    low-income earners.

    Chen Zesheng, CPPCC member, said, "The policy of 'making ordinary people have adequate housing' in Hong Kong can serve as a reference to the mainland. Under this policy, the government subsidizes the low-income earners so that they can rent homes at very low costs."

    Jia Kang said, "The government should take into account the fact that not everyone can afford to buy houses. Therefore it

    should ensure that even the most disadvantaged group has access to low-rent housing."

    Some members are of the opinion that the recent public auctions ;公开拍卖;of land by the government has fueled a surge in land

    prices. They say reining in housing prices requires the reform of the way property developers;房地产开发商; obtain land.

Soaring prices 价格飞涨

    Concerns 关注?担心?挂念

    Rein in 放慢?止住?控制

    Speculative activities 投机行为

    Amid 期间

    Dampen 抑制

    be cautious about 谨慎于

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